The Saudi British Bank (SABB) has reported a net profit of SR4.266 billion ($1.136 billion) for the year ended December 31, 2014, an increase of SR492 million or 13 per cent compared to SR3.774 billion ($1 billion) for the same period previous year.

SABB reported a net profit of SR969 million for the fourth quarter of the year, a decrease of SR7 million or 0.6 per cent compared to Q4 of previous year.

Operating income of SR6.502 billion for the year ended December 31, 2014 was an increase of SR688 million or 11.8 per cent compared with SR5.814 billion for 2013.
 
Customer deposits of SR145.9 billion as at December 31, 2014 was an increase of SR6.9 billion, or 5 per cent compared with SR139 billion at December 31, 2013.

Loans and advances to customers increased SR9.1 billion or 8.6 per cent to SR115.2 billion from SR106.1 billion.

Sheikh Khaled Olayan, chairman of SABB, said: “SABB’s strategy of diversifying its income streams and controlling its costs has enabled the bank to report another strong financial performance in 2014. SABB’s continued focus on risk management, asset quality and maintaining strong capital and liquidity positions continues to provide SABB with growth opportunities in line with our strategic objectives.” - TradeArabia News Service